&#36;30 million pulled from 49ers stadium project

The new San Francisco 49ers stadium project has lost $30 million it thought it was getting from Santa Clara County tax revenues. The money was suddenly diverted last Friday by a new oversight board deciding what to do with the accounts of former redevelopment agencies.

Construction continues to move along fast and furious at the new 49ers stadium site, even though $30 million the team was counting on just evaporated, headed instead to the schools.

Public school parent Vidal Espinoza couldn't be happier. "I think it's better to go for the schools," she said. "It's better for the city, better for the community, better for kids, for the future."

In 2010, Santa Clara residents voted to put $40 million of redevelopment money toward the new stadium; $10 million has already been spent. Public school parent Cathy Watanabe worked to pass that measure. She fears the plan to fund schools is not set in stone.

"There's no guarantee that the $30 million is going to be used for schools," Watanabe said.

Watanabe says the new stadium will bring long and short-term economic benefits to Santa Clara and the schools. She thinks the state should be responsible for school funding and the county should spend its money where the voters intended.

"That $30 million was designated for the stadium," she said. "It was voted by a majority vote by the residents of Santa Clara and so that's where the money should stay."

Parent Connie Buzant has mixed feelings. "Possibility of increasing the value of property around the area as well, but also having two kids in school, I'm still concerned as well for their education and funding gong in that direction."

We have yet to hear from the 49ers, but the expectation is their lawyers will be teaming up with the city of Santa Clara to get the money back.